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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. At 31 December 20X4 the directors of MNO decide to revalue its property. Before revaluation adjustments the balances relating to property are as follows:

The property has been revalued at $1,600,000.
How much will be included within MNO's statement of financial position at 31 December 20X4 for revaluation surplus?

A) $400,000
B) $810,000
C) $1,600,000
D) $1,190,000

2. An entity opens a new factory and receives a government grant of $25,000 towards the cost of new plant and equipment. This new plant and equipment originally costs $100,000.
The entity uses the net cost method allowed by IAS 20 Accounting for Government Grants and Disclosure of Government Assistance to record government grants of this nature. All plant and equipment is depreciated at
20% a year on a straight line basis.
Calculate the amount of depreciation to be included for this plant and equipment in the statement of profit of loss for the factory's first year of operation.
Give your answer to the nearest whole $.

3. An entity has a number of subsidiary and associate investments.
Which of the following must be disclosed in the entity's separate financial statements if it is exempt from presenting consolidated financial statements?

A) A list of all its significant investments in subsidiaries and associates which includes the date of acquisition and the price paid.
B) A copy of the summarised financial statements of each of its subsidiaries.
C) A list of its top ten shareholdings including number of shares held and their market value.
D) The bases on which significant investments in subsidiaries and associates have been accounted for in those separate financial statements.

4. KL has S90.000 of plant and machinery which was acquired on 1 June 20X4. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for 560,000 on 1 June 20X6 Calculate the tax balancing allowance or charge on disposal tor the year ended 31 May 20X7 and state the effect on the taxable profit.

A) A balancing charge of $2,400 reduces taxable profit.
B) A balancing allowance of $2,400 increases taxable profit.
C) A balancing allowance of $2,400 reduces taxable profit.
D) A balancing charge of $2,400 increases taxable profit.

5. MNO is a commercial bank. One of MNO's clients is FGH, a trading company which sells goods to PQR.
MNO is asked to draw up an instrument between FGH and PQR in respect of goods sold FGH then asks MNO to sell this instrument on its behalf in the discount market MNO does this and pays the proceeds to FGH.
What source of short-term finance is being described here?

A) Certificate of deposit
B) Overdraft
C) Factoring
D) Bill of exchange

Solutions: